DOHA: Doha Bank, Qatar’s fifth-largest lender by market value, plans to nearly double its profits from international operations by 2015.
The lender, which raised nearly $430m from a rights issue last month, aims to increase its share of profits from overseas business to 15 percent, from eight percent currently, Chief Executive Officer R Seetharaman said in Doha yesterday.
“We will set up a representative office and then look to convert it. I am not J P Morgan, so I have to gradually scale up,” he said.
The bank plans to open a representative office in Sharjah in the coming months, the third-largest emirate in the United Arab Emirates, as part of the expansion plans, Seetharaman said. It recently opened an office in Australia, becoming the first Qatari lender to establish a presence in the country.
QIC ties up with Wyman for Target Operating Model
DOHA: Qatar Insurance Group and Oliver Wyman, a leading consultancy firm, have signed a contract to encompass the design of a new group “Target Operating Model”, a press statement said yesterday.
The QIC Group now comprises of a number of operating companies and business units covering insurance, reinsurance, real estate and asset management.
Concurrent with this expansion and diversification has been an extension of its global reach and it now undertakes reinsurance on a global basis through its subsidiary Q-Re LLC. QIC Group now has representation in Qatar, UAE, Kuwait, Oman, Malta, Zurich, London and Bermuda.
The Peninsula /Reuters
